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Budget 2024 Income Tax Slabs FY25 Highlights: No changes in tax rates; know income tax slabs & tax rates for 2024-25

Budget 2024 Income Tax Highlights: Income tax slabs 2024-2025 changes - In a disappointment for the common man and the middle clas...

Budget 2024 Income Tax Highlights: Income tax slabs 2024-2025 changes - In a disappointment for the common man and the middle class salaried taxpayers no changes in income tax slabs or income tax rates for the financial year 2024-25 were announced by Finance Minister Nirmala Sitharaman in her Interim Budget 2024 speech. There were widespread expectations that FM Nirmala Sitharaman will announce some income tax relief for the middle class. “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” FM Sitharaman said.Income Tax slabs were last revised in last year’s Budget under the new income tax regime. The new income tax regime is now the default income tax regime and if you still want to opt for the old tax regime, then as a taxpayer you will have to make that conscious choice at the time of filing your income tax return. The new income tax regime gives the option of lower tax rates up to an income threshold of Rs 15 lakh, while not allowing for some major tax exemptions and deductions that are available in the new tax regime.Since the Modi government’s focus seems to be on increasing the adoption of the new income tax regime, tax experts are of the view that some popular deductions made by individuals that incentivise savings may be included eventually in the new tax regime.Standard deduction, which is at Rs 50,000, was included in the new income tax regime by FM Nirmala Sitharaman in last year’s Budget. The old income tax regime is popular for the various exemptions and deductions that it offers to the salaried taxpayers. These include exemptions for investments in Provident Fund, Public Provident Fund (PPF), mutual funds etc.The National Pension System (NPS) is a much talked about and promoted retirement scheme by the government and tax experts say that the Rs 50,000 exemption for NPS investment may find its way in the new income tax regime eventually. Track TOI for the latest updates on the Income Tax Slabs 2024-25 to be announced in Budget 2024:

The Times of India | Feb 01, 2024, 22:29:30 IST

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22:29 (IST), Feb, 01

Budget 2024 Income Tax: More clarity on income tax expected in full year Budget

Budget 2024: “As expected there is no change in the tax rate. As an individual taxpayer, you will have to wait till July when the full year budget will be announced. Then we will have clarity about the tax rate for the upcoming year”, says Preeti Sharma, Partner, Tax & Regulatory Services, BDO India LLP. Watch full video here:

19:50 (IST), Feb, 01

Budget 2024 income tax live: What is the standard deduction post Interim Budget?

Income Tax Live: The standard deduction for financial year 2024-2025 will be the same as earlier at Rs 50,000. This is for both the old and new income tax regime.

18:41 (IST), Feb, 01

Budget 2024 Income Tax Live: Big relief to the taxpayers who have small, disputed tax demand

Income Tax Live: "The Government has proposed to waive off the outstanding direct tax demand of upto INR 25,000 for disputes till Financial Year 2009-10. Further, the outstanding direct tax demand of upto INR 10,000 is proposed to be waived off from FY 2010-11 to 2014-15. The withdrawal of outstanding income tax demand would come as a big relief to the taxpayers who have small, disputed tax demands pending since long. It reflects the government's commitment towards ease of compliance and doing business in the country by creating a taxpayer-friendly environment,” says Akhil Chandna, Partner, Global Mobility Services, Grant Thornton Bharat.

18:16 (IST), Feb, 01

Budget 2024 Income Tax: Move to withdraw petty, non-verified outstanding tax demands welcome

Income Tax Live: “For the last few years, the Government has been introducing several changes with the objective of simplifying the tax structure, reducing procedural complexities, and driving reduction in unnecessary prolonged litigation. These changes included, amongst others, introduction of faceless assessments, updated returns, revamping Form 26AS and introduction of pre-filled return forms. Continuing with this aim, the Hon’ble FM has now proposed to withdraw petty, non-verified, non-reconciled/ disputed outstanding tax demands up to INR 25,000 for FY 2009-10 or earlier, and up to INR 10,000 (for FYs 2010-11 to 2014-15). This is a welcome move which will provide relief to many taxpayers whose refunds have been stuck for a long time due to auto-adjustments against such demands, and will help them realise their legitimate money in a timely manner,” says Ishita Sengupta, Partner and India Leader, Vialto Partners.

17:49 (IST), Feb, 01

Budget 2024 Income Tax: What are the latest Income Tax Slabs post Interim Budget?

Income Tax Slabs 2024-2025: Budget 2024, which was an Interim Budgext, did not see any changes in the income tax slabs or income tax rates by Finance Minister Nirmala Sitharaman. If you as the common man, individual or salaried taxpayer are wondering what the income tax slabs and income tax rates are for financial year 2024-25 (Assessment year 2025-26), we have you covered.Read full story here for complete guide on latest income tax slabs:

16:54 (IST), Feb, 01

Budget 2024 Income Tax Live: Budget proposed no change in the existing rates

Income Tax Live: “There were a lot of expectations by the individual taxpayers from the Interim Budget 2024, similar to many reliefs provided in the earlier Interim Budget in 2019. However, this Budget proposed no change in the existing rates both under the new regime as well as old regime, resulting in no benefit for them!,” says Chander Talreja, Partner, Vialto Partners.

16:26 (IST), Feb, 01

Budget 2024 income tax: Do you qualify for tax demand waiver of up to Rs 25,000?

Budget 2024 income tax: While no changes to the income tax slabs for 2024-25 were announced by Finance Minister Nirmala Sitharaman in her Union Budget 2024 speech, the FM did announce a small tax relief for taxpayers. FM Nirmala Sitharaman has announced an income tax amnesty for taxpayers with outstanding direct tax demand disputes with the income tax department. According to the announcement, taxpayers with outstanding direct tax demands up to Rs 25,000 till financial year (FY) 2009-10 and up to Rs 10,000 between FY 2010-11 and FY 2014-15 will have their demands withdrawn. In simpler terms, taxpayers with pending tax demand disputes within the specified limits for the mentioned financial years will be eligible for this benefit. However, there is some confusion regarding the eligibility criteria for this tax demand waiver. It is not as clear as it may seem. Read full story here:

15:53 (IST), Feb, 01

Budget 2024 Income Tax Live: Taxpayers to benefit from proposal to withdraw large number of petty tax demands

Income Tax Live: “Taxpayers to benefit from proposal to withdraw large number of petty tax demands upto INR 25,000 (for period upto financial year 2009-10) and upto INR 10,000 (for financial years 2010-11 to 2014-15). The legitimate refunds of subsequent years normally get adjusted with such outstanding demands, which delays the refund process. This proposal will further speed up the refund process,” Chander Talreja, Partner, Vialto Partners tells TOI.

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15:17 (IST), Feb, 01

Budget 2024 Income Tax: Income Tax Slabs 2024-25 under old tax regime

Income Tax Live: In the interim budget for financial year 2024-25, the Finance Minister proposed to retain the tax rates as is. Hence, unless there is any change brought in during the final budget post the general elections, the personal income-tax rates applicable for the financial year 2024-25 will be as in the imager: Income-tax rates under the regular/ old tax regime for individuals (residents below 60 years of age, NR and NOR) for the financial year 2024-25:

14:56 (IST), Feb, 01

Budget 2024 income tax: Some relief for taxpayers

Budget 2024 income tax: During Budget 2024 speech, the Finance Minister Nirmala Sitharaman announced the removal of disputed direct tax demands up to Rs 25,000, aiming to provide relief to income taxpayers. As mentioned in the speech, this is expected to benefit approximately 1 crore taxpayers.The proposal involves withdrawing outstanding direct tax demands, specifically those up to Rs 25,000 for the period up to FY 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. This is aimed at benefiting approximately one crore taxpayers by addressing issues related to small, unresolved, or disputed tax demands that have lingered on for years. Read full story here:

14:27 (IST), Feb, 01

Budget 2024 Income Tax Live: Positive announcement on pending outstanding direct tax demands

Income Tax Live: “Keeping up with tradition the government has not announced any changes in the tax rates or benefits given that this was a “vote-on-account” budget. However, one very positive change announced by the FM is in relation to long pending outstanding direct tax demands, some of which date back to as early as 1962. Such outstanding tax demands are proposed to be deleted up to INR 25,000 pertaining to the period up to FY 2009-10 and up to INR 10,000 for FY 2010-11 to 2014-15. The honourable FM also highlighted that a large number of measures were taken in the past few years to improve tax-payer services,” EY told TOI. EY has reproduced below some of these key focused steps that have been taken to reduce tax litigation:

In 2020 - Vivad se Vishwas (direct tax amnesty scheme) was introduced to reduce direct tax cases pending in various appellate forums
In 2021, Board for Advance Rulings was constituted to replace Authority for Advance Rulings. Dispute Resolution Committee was set-up to resolve disputes for small taxpayers in a faceless manner. The retrospective applicability of indirect transfer provisions was withdrawn
In 2022 – Deferment of litigation allowed where an identical question of law is pending in appeal before jurisdictional High Court or Supreme Court
In 2023 – 100 Joint Commissioners were deployed for disposal of small appeals. 516 Advance Pricing Agreements signed as on 31 March 2023. Amnesty Scheme under GST introduced with respect to non-filing of returns / appeals within statutory timelines

13:53 (IST), Feb, 01

Budget 2024 for common man: Housing benefits

Budget 2024: "The prospect of constructing two crore new houses within the next five years is a commendable step towards addressing India's growing housing needs. The focus on providing solar power benefits to one crore houses aligns with sustainable development goals, promoting clean energy and reducing environmental impact. The Pradhan Mantri Awas Yojana's impact on 70% women is a notable achievement, contributing to gender equality and empowering women through homeownership.

The budget's emphasis on rented homes and slums indicates a targeted approach to uplift the underprivileged, addressing the housing crisis in these vulnerable communities. This initiative becomes pivotal as India strives to achieve a USD 7 trillion economy by 2030, necessitating robust urban infrastructure to accommodate the rising population. In conclusion, the proposed measures reflect a holistic approach to housing, aligning with broader economic goals and sustainable development,” says Atul Monga - CEO& Co-founder, BASIC Home Loan.

13:27 (IST), Feb, 01

Budget 2024 Income Tax Live: Improving tax-payer services

Income Tax Live: “In the last five years, our focus has been to improve tax-payer services. The age-old jurisdiction-based assessment system was transformed with the introduction of Faceless Assessment and Appeal, thereby imparting greater efficiency, transparency and accountability. Introduction of updated income tax returns, a new Form 26AS and prefilling of tax returns have made filing of tax returns simpler and easier,” FM Nirmala Sitharaman said.

13:17 (IST), Feb, 01

Budget 2024 income tax live: Direct tax collections have more than trebled

Income Tax Live: Over the last ten years, the direct tax collections have more than trebled and the return filers swelled to 2.4 times. I would like to assure the taxpayers that their contributions have been used wisely for the development of the country and welfare of its people. I appreciate the tax payers for their support,” FM Sitharaman said.

13:09 (IST), Feb, 01

Budget 2024 Income Tax Live: Processing time to process income tax returns

Income Tax Live: “The average processing time to process income tax returns having come down to 10 days from 93 days is a fantastic indicator of innovation in technology being used in the right direction,” says Aastha Dhowan, Partner, N.A. Shah Associates.

12:39 (IST), Feb, 01

Budget 2024 Income Tax Live: Income Tax Slabs for 2024-25

FM Nirmala Sitharaman has not announced any changes in the income tax slabs or income tax rates for 2024-25. Here are the existing tax rates under both the regimes for FY25, unless any changes are announced in the full year Budget in July.

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12:25 (IST), Feb, 01

Budget 2024 Income Tax Live: Reason to smile for taxpayers?

Income Tax Live: “The government has brought 10 million smiles to taxpayers by eliminating outstanding demands below 25k upto FY 2009-10 and below 10k upto FY 2014-15. This also means they are using their database wisely,” says Sandeep Shah, Managing Partner, N.A. Shah Associates.

12:22 (IST), Feb, 01

Budget 2024 Income Tax Live: Relief for outstanding tax demands

Income Tax Live: “In line with our Government’s vision to improve ease of living and ease of doing business, I wish to make an announcement to improve tax payer services. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax payers and hindering refunds of subsequent years. I propose to withdraw such outstanding direct tax demands up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers,” Sitharaman said.

12:20 (IST), Feb, 01

Budget 2024 Income Tax: What FM Sitharaman said on tax rates

Income Tax Live: “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” FM Sitharaman said.

12:13 (IST), Feb, 01

Budget 2024 Income Tax: Under new regime, no tax liability for tax payers with income up to Rs 7 lakh, FM reiterates

Income Tax Live: "The Government has reduced and rationalized tax rates. Under the new tax scheme, there is now no tax liability for tax payers with income up to Rs 7 lakh, up from Rs 2.2 lakh in the financial year 2013-14. The threshold for presumptive taxation for retail businesses was increased from Rs2 crore to Rs 3 crore. Similarly, the threshold for professionals eligible for presumptive taxation was increased from Rs 50 lakh to Rs 75 Lakh. Also, corporate tax rate was decreased from 30 per cent to 22 per cent for existing domestic companies and to 15 per cent for certain new manufacturing companies," FM Nirmala Sitharaman said.

12:03 (IST), Feb, 01

Budget 2024 Income Tax Live: Things to note on disputed DT demand

Disputed DT demand outstanding to be withdrawn upto 25K until FY 2009-10 and upto 10K for FY 2010-11 to FY 2014-15

11:59 (IST), Feb, 01

Budget 2024 income tax live: No tax rate changes

Income Tax Slabs 2024-25: No changes in income tax rates were made by the Finance Minister Nirmala Sitharaman in her Union Budget 2024 speech.

11:58 (IST), Feb, 01

Budget 2024 Income Tax Live: New Tax Regime Benefits Taxpayers, says FM

Income Tax Slabs Live: FM Nirmala Sitharaman in her Union Budget 2024 speech appreciated income taxpayers and said that the changes brought about in the new income tax regime last year.

11:53 (IST), Feb, 01

Budget 2024 Income Tax: Refund time brought down

Income Tax Live: Finance Minister Nirmala Sitharaman in her Budget 2024 speech announced that the average processing time of returns has been reduced from 93 days in the year 2013-14 to a mere ten days this year, thereby making refunds faster.

11:46 (IST), Feb, 01

Income Tax Slabs 2024-25 Live Updates: New income tax regime a good move, says tax expert

Budget 2024 income tax expectations: Chander Talreja, Partner at Vialto Partners told TOI that there have been various changes introduced by the government since it came into power to simplify the tax structure and reduce complexities. Endeavour has been to ensure taxes no longer taxing. “In my view, one of the superb initiatives taken by the government was the introduction of a new personal tax regime. The new regime was introduced in 2020, offered a reduced tax rate for taxpayers who choose to forego certain deductions and exemptions like HRA, Section 80C deduction, interest on housing loan deduction and likewise. However, deduction of employer's contribution to NPS was allowed,” he said. “This was so innovative, certainly an out-of-box thinking where you allow the taxpayer to save taxes even without making investment in tax saving instruments. New regime offered the low tax rate spread across six income levels as compared to the four-level structure under the old regime. Around 70 deductions and exemptions out of a total of more than 100 under the Income Tax Act were removed and the aim was to review and rationalise the remaining ones. I never thought this was possible. Two regimes to make a choice? Amazing! However, there is a lot of ambiguity on how to choose the correct regime which is more beneficial. As the new regime continued to offer a concessional tax rate on one hand, it took away tax benefit of various investments and expenditures. To help and ease this out, the government came out with an online tax calculator wherein the taxpayer can evaluate their own situation and make an informed choice. In fact, the last year's budget introduced major changes only for individuals opting for the new regime. The focus has been to encourage people to opt for the new regime and make it more appealing,” he said.

11:30 (IST), Feb, 01

Budget 2024 Income Tax Live: Standard Deduction FAQs answered

What is the standard deduction for FY 2023-24?Both for the old and the revised new income tax regime, the standard deduction for salaried taxpayers is Rs 50,000.Is standard deduction allowed in the new tax regime?Yes. Effective financial year 2023-24, that is assessment year 2024-25, standard deduction has been allowed under the new income tax regime. This change was announced by FM Nirmala Sitharaman in last year’s Budget.Is there any change in standard deduction?A standard deduction of Rs 40,000 was introduced in lieu of medical and transport reimbursement in the year 2018. This limit was hiked to Rs 50,000 in the interim budget of 2019.What is the standard deduction on salary in income tax?The standard deduction on salary income when filing your income tax return under both old and new income tax regime is Rs 50,000.What is the standard deduction section?Income tax payers can avail standard deduction under Section 16(ia) of the Income Tax Act, 1961.

11:18 (IST), Feb, 01

Budget 2024 income tax: Average income has increased by 50%

Income Tax Live: Finance Minister Nirmala Sitharaman in her Budget 2024 speech said that the average real income of people has increased by 50%.

11:09 (IST), Feb, 01

Budget 2024 Income Tax Live: Provide benefits for life insurance premiums

Income Tax Live: “Permitting individuals to deduct the entire amount paid for life insurance premiums from their taxable income, as stated in Section 56, without any decrease due to claims made under other sections such as 80C, will encourage more people to buy insurance. This means they get the full tax benefit for their insurance premiums, making insurance more financially appealing,” say experts.

11:04 (IST), Feb, 01

Income Tax Slabs 2024-25 Live Updates: What are the current tax slabs under new tax regime?

Budget 2024 income tax live: Know what the income tax slabs under the new tax regime are for FY 2023-24For an income up to Rs 3 lakh - NilFrom Rs 300,001 to Rs 600,000 - 5%From Rs 600,001 to Rs 900,000 - 10%From Rs 900,001 to Rs 1200,000 - 15%From 1,200,001 to Rs 1,500,000 - 20%Above 1,500,000 - 30%

10:47 (IST), Feb, 01

Income Tax Slabs 2024-25 Live Updates: Any changes in surcharge rates expected?

Income Tax Slabs Live: For the new income tax regime in the financial year 2023-24, individuals are subject to an additional surcharge on their income tax if the total income surpasses Rs 5,000,000. The surcharge rates are as mentioned below. Additionally, a health and education cess at the rate of 4% is applied to the income tax and surcharge (if applicable) for all individuals.

10:40 (IST), Feb, 01

Income Tax Slabs Live: Will common man get any tax relief? What experts say

Budget 2024 income tax expectations: Changes in income tax slabs, income tax rates, hike in standard deduction, Section 80C limit, more attractive new income tax regime - these are some of the top expectations of the common man and middle class from the Narendra Modi government’s Interim Union Budget 2024. FM Nirmala Sitharaman will present Budget 2024 on February 1, 2024 as part of the Parliament’s Budget session. Ahead of the Union Budget 2024, Times of India Online surveyed 10 economists and experts on their major expectations from the budget. Asked whether there is a scope to provide income tax relief for the common man and middle class, the economists and experts were divided. Read full article:

10:30 (IST), Feb, 01

Budget 2024 income tax: Life insurance annuity or pension products be aligned with NPS

Income Tax Live: “The industry is hopeful that the interim budget will introduce much-needed reforms to incentivize the purchase of insurance and enhance the industry’s efforts to increase insurance penetration within the country. With a significant number of people heading towards retirement age in the next decade, incentivizing the purchase of products in the pension category becomes crucial in this interim budget. It is recommended that life insurance annuity or pension products be aligned with the National Pension Scheme (NPS). We also advocate for an additional deduction of Rs. 50,000 or more. Additionally, similar initiatives will be required across our product categories, including pension products, ULIPs, and even traditional plans. I believe customers will benefit from them and will have more reasons to invest in the industry for their long-term financial goals, thereby fuelling India’s development,” says Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance.

10:17 (IST), Feb, 01

Income Tax Live: Taxpayers in the lower and middle income category are hopeful for some relief

Income Tax Expectations Live: “As the budget is round the corner, there is a lot of anticipation and expectation on the personal taxation front. Since the budget is a vote-on-account/ interim budget, major announcements are not expected. However, taking cue from the last interim budget presented in 2019 when certain tax proposals were introduced, there is some expectation this time as well.Taxpayers in the lower and middle income category are hopeful for some relief in the form of a reduction in tax rates or an increase in tax slabs. In recent years, the government has taken several steps to simplify the tax structure and make it more taxpayer friendly. The introduction of lower tax rates for individuals under the new tax regime was a welcome move, but it lacked the desired impact due to parity with corresponding deductions and exemptions under old tax regime. Therefore, taxpayers expect the government to strike a balance between lower tax rates under new tax regime or increasing the threshold for various deductions / exemptions to incentivize savings and investments. In case of the old tax regime, there has been an expectation for higher deduction limits such as u/s 80C (PPF, LIC etc.), 80D (health insurance premium), and housing loan interest payments. Also, the standard deduction applicable under both the tax regimes is expected to be raised to meet the inflation over the last five years.The government could also consider linking the tax slabs to inflation to provide relief to taxpayers from the rising cost of living.Overall, taxpayers hope that the upcoming budget addresses their concerns and provides a much-needed boost to the personal taxation front in India,” says Akhil Chandna, Partner, Grant Thornton Bharat.

10:05 (IST), Feb, 01

Income Tax Slabs 2024-25: Top income tax expectations

Hike in standard deduction
Inclusion of National Pension System (NPS) under new income tax regime
Hiking limit of Section 80C/including Section 80C under new income tax regime
Enhanced limit for housing loan interest
Tweaking income tax slabs and tax rates to give more disposable income in the hands of the common man

09:44 (IST), Feb, 01

Income Tax Budget 2024 Live: Interest exemption on savings bank accounts

One long standing demand of taxpayers has been that the exemption limit under Section 80TTA should be hiked from the current Rs 10,000. Under Section 80TTA the interest income that you earn from your savings bank accounts is exempt up to Rs 10,000. Tax experts are of the view that this limit needs a relook since Rs 10,000 is too small given inflation.

09:31 (IST), Feb, 01

Income Tax Budget 2024 Live: Capital Gains tax a complex issue

“In the union budget 2018-19, there was a rollback of the long-term capital gains tax exemption on equity exemptions. Prior to this, gains from sale of equity shares held for more than a year were exempt from tax. However, the budget introduced long-term capital gains tax at a rate of 10% on gains exceeding Rs 1 lakh from the sale of equity shares and equity-oriented mutual funds. The reintroduction of this long-term capital gains tax received mixed reactions from various stakeholders. While some considered it a big move towards a more equitable tax system, you know you're rationalizing the tax structure, bringing parity between different asset classes, some investors did express a lot of concern,” says Surabhi Marwah, Tax Partner, EY India.“There is of course an ask year on year to increase this exemption limit from one lakh to two lakhs or more. I may call it a creation of an equitable tax system, but it is something that people still talk about as to why it was introduced, because it was a change in the whole system of taxation of long-term capital gains,” she adds.

09:17 (IST), Feb, 01

Income Tax Slabs Live: What are the tax rates and slabs in the old tax regime?

Below are the income tax slabs under the old income tax regime as applicable for the financial year 2023-24. Since the Modi government has been actively pushing for the new income tax regime, any changes in the old tax regime are unlikely.

09:01 (IST), Feb, 01

Tax rate changes: Will Income Tax Rate of 30% kick in at higher threshold?

Income Tax Budget 2024: Under the new income tax regime, the 30% tax rate, which is the highest, kicks in above an income level of Rs 15 lakh. This is different from the old tax regime where the 30% tax rate is applicable for income above Rs 10 lakh. There is an expectation that to give more disposable income in the hands of individuals this Rs 15 lakh threshold may be hiked to Rs 20 lakh for 30% tax rate under the new income tax regime.

08:41 (IST), Feb, 01

Income Tax Budget 2024 Live: How the new income tax regime is beneficial

“The government had introduced an optional new tax regime in the Bud Union Budget 2020-21 with lower tax rate but without a lot of the exemptions and deductions. This new concessional tax regime provided taxpayers the flexibility to choose between the existing tax regime with deductions and the new regime with lower tax rates and without a lot of the deductions. The aim of this new tax regime was to simplify the tax structure, reduce compliance burdens and put more money in the hands of the individual taxpayers. While the concessional tax regime offered lower tax rates and did indeed simplify the tax structure, last year to really encourage adoption, the government made some landmark amendments. The major tweaks last year were, the exemption limit was increased from 2.5 lakhs to 3 lakhs. Standard deduction of Rs 50,000 for salaried individuals and pensioners were extended to this new tax regime. The highest surcharge rate for income over Rs 5 crore was reduced to 25% from 37%, thus reducing the MMR to 39% under the new concessional tax regime. The income threshold for rebate was also increased from 5 lakhs to 7 lakhs, ensuring that individuals with net taxable income of Rs 7 lakhs are exempt from paying any income tax. The government also introduced a marginal relief for small taxpayers whose income was crossing the threshold of Rs 7 lakhs marginally. So I think this was a very very big hit because this one really lived up to their promise of making the tax system more transparent,” says Surabhi Marwah, Tax Partner, EY India.

08:22 (IST), Feb, 01

Income Tax Slabs 2024-25 Live: Top expectations for income tax payers

Preeti Sharma, Partner, Tax & Regulatory Services, BDO India says that most of the taxpayers have a tendency to initially invest under Section 80C which has a limit of Rs 1.5 lakh. Additionally, the salaried class claims exemptions such as HRA, LTA and housing loan deductions. “For an individual earning a salary income of Rs 10 Lakhs, the old regime is more favourable in case exemptions / deductions exceed Rs 2,50,000. This situation applies to most taxpayers leading to acceptance of the New Tax Regime (NTR),” says Preeti Sharma. “The New Tax Regime provides favourable results for taxpayers up to an income level of Rs 7,50,000. To increase acceptance for NTR, the government should allow deductions under this regime, for say employee’s contribution to PF (under Section 80C) and employee’s contribution to NPS (under Section 80CCD). This would also promote the habit of building a retirement corpus for individuals. The presence of two regimes has also created complexity for the taxpayers. A clear transition plan to eventually move to one system of taxation is also warranted,” she adds.

08:09 (IST), Feb, 01

Income Tax Slabs 2024-25 Live Updates: Budget 2024 to tell you your tax outgo

Every year the Budget is looked at to tell income tax payers what their income tax slabs and their income tax rates will be for the upcoming financial year. This year too, Budget 2024 will announce whether there are any changes to the Income Tax slabs or will the same Income Tax Slabs or Income Tax Rates will continue into 2024-25.

08:07 (IST), Feb, 01

Income Tax Slabs 2024-25 Live: Should Section 80C deduction be included in the new income tax regime?

“The new tax regime was introduced with the intent to simplify the income-tax laws and provide significantly reduced income-tax rates for individual taxpayers who forgo certain exemptions and deductions. However, considering that there is no universal social security benefit available in India and that all individuals have to provide for it on their own, it may be beneficial to introduce a deduction under the new tax regime. It could be a combined deduction (not limited to section 80C) of INR 250,000 to cover provident fund, life and medical insurance premiums, NPS, interest on housing loan etc,” says Surabhi Marwah, Tax Partner, EY.

08:05 (IST), Feb, 01

Budget 2024: Income Tax Slabs under New Tax Regime

Below are the Income tax Slabs under the new Income Tax regime that were modified by Finance Minister Nirmala Sitharaman in last year's Budget. This year too there are high expectations from Budget 2024 to modify the new income tax regime to make it more attractive for the salaried taxpayers.

08:03 (IST), Feb, 01

Income tax expectations: Income tax slabs in old versus new tax regime - explained

Budget 2024 income tax slabs: Finance Minister Nirmala Sitharaman will present Interim Budget 2024 on February 1, 2024 and like every year salaried taxpayers are hopeful of income tax relief. Will the income tax slabs for FY 2024-25 be changed? Will changes be introduced in the new income tax and old tax regimes? Last year’s Budget announced several changes to the income tax slabs under the new tax regime. Even as we wait for Union Budget 2024 income tax announcements, here is a look at how the income tax slabs under the old and the new tax regime compare:

08:02 (IST), Feb, 01

Budget 2024 income tax: Changes in new income tax regime?

Budget 2024 may tweak the new personal income tax regime further to attract more middle class, common man, and salaried taxpayers. The new tax regime is now the default tax regime and taxpayers have to consciously opt for the old tax regime at the time of filing their income tax returns, if the latter works better for them.

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Thamilarasu KandasamyMost Interacted

849 days ago

Totally insensitive govt in my opinion. The record collection of GST and Direct tax gives ample room to return the benefits to ta...Read More

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Budget 2024 Income Tax Slabs FY25 Highlights: No changes in tax rates; know income tax slabs & tax rates for 2024-25

Income Tax Live: The standard deduction for financial year 2024-2025 will be the same as earlier at Rs 50,000. This is for both the old and new income tax regime.

Income Tax Live: “The average processing time to process income tax returns having come down to 10 days from 93 days is a fantastic indicator of innovation in technology being used in the right direction,” says Aastha Dhowan, Partner, N.A. Shah Associates.

FM Nirmala Sitharaman has not announced any changes in the income tax slabs or income tax rates for 2024-25. Here are the existing tax rates under both the regimes for FY25, unless any changes are announced in the full year Budget in July.

Income Tax Live: “The government has brought 10 million smiles to taxpayers by eliminating outstanding demands below 25k upto FY 2009-10 and below 10k upto FY 2014-15. This also means they are using their database wisely,” says Sandeep Shah, Managing Partner, N.A. Shah Associates.

Income Tax Live: “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” FM Sitharaman said.

Disputed DT demand outstanding to be withdrawn upto 25K until FY 2009-10 and upto 10K for FY 2010-11 to FY 2014-15

Income Tax Slabs 2024-25: No changes in income tax rates were made by the Finance Minister Nirmala Sitharaman in her Union Budget 2024 speech.

Income Tax Slabs Live: FM Nirmala Sitharaman in her Union Budget 2024 speech appreciated income taxpayers and said that the changes brought about in the new income tax regime last year.

Income Tax Live: Finance Minister Nirmala Sitharaman in her Budget 2024 speech announced that the average processing time of returns has been reduced from 93 days in the year 2013-14 to a mere ten days this year, thereby making refunds faster.

Income Tax Live: Finance Minister Nirmala Sitharaman in her Budget 2024 speech said that the average real income of people has increased by 50%.

Below are the income tax slabs under the old income tax regime as applicable for the financial year 2023-24. Since the Modi government has been actively pushing for the new income tax regime, any changes in the old tax regime are unlikely.

Below are the Income tax Slabs under the new Income Tax regime that were modified by Finance Minister Nirmala Sitharaman in last year's Budget. This year too there are high expectations from Budget 2024 to modify the new income tax regime to make it more attractive for the salaried taxpayers.

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